No doubt we've all heard the saying 'the grass is greener on the other side'. That pretty much sums up what Zheng Cheng was thinking when they made the decision.
Here is what he might have thought: 'FMCN and VISN are very well known, they have the recognition of being premier advertisers in China media. They are both listed on US exchanges and have/had very high valuations in 2008 before the crash. But, I'm growing impatient and don't want to take the time to do an IPO, a RM is quicker and less costly and if we get a reputable institution to back us from the beginning it will be no different than an IPO.'
I don't find it hard to believe that he made a mistake because he didn't know how SPACs were viewed, and wanted to be on the same level as respected competitors. Its the same way many people in North America though CGS stocks were gold mines just waiting to be discovered. The grass always looks greener on the other side.
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